As crypto markets turned green on Tuesday, GRT was one of the most profitable as prices bounced back from a recent decline. ZEC also rallied during the day, climbing as much as 5%, while DOGE continued its gains on Monday.
The Grappg (GRT)
On Tuesday, GRT easily became one of the most profitable in the crypto markets as it continued to move away from its recent support level.
After a low of $0.3393 earlier in the week, GRT/USD rose to a peak of $0.4024 earlier.
The surge saw GRT bounce off its $0.3550 low after a false break on Monday that sent the price to a six-week low.
Retreating from that low, the GRT is now hovering marginally below its long-term $0.4020 resistance level after a previous breakout attempt.
This is because traders are likely to close positions near the price ceiling in order to take some of this session’s profits.
Looking at the chart, the GRT is currently trading at a sixteen-day high and the 14-day RSI is also tracking the 50.80 resistance.
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If relative strength exceeds this point, we could see a potential move for GRT/USD towards $0.5000.
ZEC has traded higher for most of today’s session as prices returned to a long-term resistance level.
The ZEC/USD pair rose to an intraday high of $170.06 on Tuesday, less than 24 hours before trading at $151.70.
Today’s move saw prices near the $170.30 resistance but sold off as bears re-entered the market at that ceiling.
Historically, there has often been a high level of bearish activity at this point, and this can be seen from the red candle that formed after the previous high.
Price strength has also fallen, with the RSI returning to oversold territory and currently tracking at 47 after trading above 54 just two days ago.
Traders are now waiting to see if all of today’s gains are lost or if prices can stabilize at $153.00, which appears to be the low.